EV Sales: Subsidy decreased, yet EV sales increased in 2023

New Delhi: Despite subsidy cuts and regulatory changes, electric vehicle (EV) sales have seen a strong growth of more than 45 percent so far this year. The total number of EV registrations in 2023 is just under 15 lakh, which is much higher than last year. Last year this number was just over 10 lakh.

The total penetration of EVs in the country has increased to 6.3 percent, whereas in the year 2022, this number was 4.8 percent. This year the subsidy for electric two-wheelers was cut. This is a category that accounts for approximately 55 percent of total EV sales.

Industry experts attribute the sales growth this year to a shift in consumer interest towards more environmentally friendly vehicles. This trend has also been influenced by the influx of product launches by startup companies in the two-wheeler and three-wheeler categories as well as the increasing availability of vehicles in the four-wheeler category. He said that government incentives have also played a significant role in furthering this growth.

Pritesh Singh, Expert (Case & Alternate Powertrains), NRI Consulting & Solutions, said that customer confidence in the e-two-wheeler and e-three-wheeler categories is being driven not only by startups but also by established companies launching new products in the oil-gas engine sector. Increased. Government subsidies, better financing options, and an increase in battery-swapping facilities have further facilitated the expansion of the industry. Also, read this.